https://www.taxtmi.com/caselaws?id=37649 The High Court ruled in favor of the Assessee in a taxability dispute over a sum of Rs. 20,000 received for relinquishing interest in a partnership firm. The court held that the amount was neither taxable as a revenue receipt nor as capital gains. The court found that the payment did not qualify as a revenue receipt and did not constitute a transfer of a capital asset for capital gains taxation purposes. The judgment favored the Assessee, rejecting the tax department's position and awarding costs to the Assessee. en-us Tue, 17 Jan 1978 00:00:00 +0530 Wed, 31 Mar 2010 11:45:56 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=37649 The High Court ruled in favor of the Assessee in a taxability dispute over a sum of Rs. 20,000 received for relinquishing interest in a partnership firm. The court held that the amount was neither taxable as a revenue receipt nor as capital gains. The court found that the payment did not qualify as a revenue receipt and did not constitute a transfer of a capital asset for capital gains taxation purposes. The judgment favored the Assessee, rejecting the tax department's position and awarding costs to the Assessee. Case-Laws Income Tax Tue, 17 Jan 1978 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=37649